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ISLE RETURN Tax Break For British Tourists?

Friday January 4, 2019

ISLE RETURN Tax Break For British Tourists?

British tourists could be offered a tax break to keep them flying to the Canary Islands…..

Authorities in the Canary Islands are floating the idea of offering British tourists a tax break in order to keep them flying to the Canaries.

The eight islands that comprise the archipelago off the coast of Africa are condisdering cutting local VAT, known as IGIC, from hotel and restaurant bills for British visitors – a discount of 6.5%. In order to offset the decline in sterling versus the euro over the last year and to combat any downturn in visitor numbers post Brexit, making the islands more competitive with re-emerging markets in the Middle East.

Lanzarote is especially dependent on British tourism, which accounts for around 50% of all foreign visitors to the island. Whist the UK remains the largest market for the Canaries as a whole, despite a predicted 2% overall decline in visitor numbers during the course of 2018.

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